Frequently Asked Questions on Fixed Deposit

A Fixed Deposit scheme is a savings option which helps you earn interest on your money parked with Bajaj Finance Ltd at periodic intervals either through simple or compounded interest on the principal amount. The rates of interest are typically higher than money parked in savings accounts owing to the fact that the money is locked in for a specific period and cannot be withdrawn at will of the depositor, except in certain scenarios in which customer is ready to bear the prematurity penalty

• In a 'Non-cumulative’ fixed deposit scheme, the interest is payable on a monthly, quarterly, semiannually and yearly basis. This scheme will be convenient if you require periodical interest payment.

• In a 'Cumulative’ term deposit scheme the interest is payable at the time of maturity along with the principal and is compounded annually. This scheme is suitable for an individual who does not require periodic interest payment and acts as a money multiplier scheme. The interest will be compounded annually and the final payout will be subject to deduction of tax, wherever applicable.

Note that only one of the above special category benefit is allowed per transaction. Which means if a Bajaj Group employee is also a loan customer, he will get only 0.25% (not 0.25%+0.25%=0.50%) over and above the card rate mentioned in Q2.

Yes. Additional rate of 0.25% p.a. (for deposit size up to ₹5 Crore) is applicable over and above special category benefit. For e.g, if a senior citizen wants to renew his deposit for 48 months in annual cumulative mode, he will get 8.75%+0.35%+0.25% = 9.35% on renewal.

No. Since you have locked in your money with us at a specific rate, you will continue to receive that rate till maturity. If you wish to avail the new rate, we suggest you invest in a new deposit with us.

An investment in one of the most reputed brands in India, BFL FDs offers a host of benefits:
• Minimum deposit size of Rs.25000. There is no maximum amount limit
• Rated FAAA/Stable by CRISIL and MAAA/Stable by ICRA, which means highest safety of your money
• Attractive and assured rates of interest for your money to grow periodically
• Choose a tenor of any number of months from 12 to 60 carrying different rates of interest to suit everyone’s needs
• Branch presence across over 800 locations in India
• Access to all product details on our Customer Portal – Experia
• Flexibility of payment option through electronic or physical modes
• Special rates for senior citizens, existing customers and group employees

We are a service oriented organization with complete focus on delivering the best service experience. Some of the key highlights being:
• Easily accessible touch points
• Simple and transparent policies
• A readily available Fixed Deposit online calculator which will help you plan your needs
• Detailed SMS and email communication to customers while booking a Fixed Deposit, from request to maturity
• Scanned copy of all the documents submitted by you, available online for easy access
• An overall experience to delight

For Sole Proprietorships:
1. Recent Photograph of proprietor
2. VID (Virtual Identification Number)/ Aadhaar Card /Proof of Application for Enrolment of Aadhaar of proprietor
3. Pan card of proprietor
Or
3. Form 60 of proprietor + any 1 of the below mentioned OVDs (Officially valid documents):
• Valid passport
• Valid driving license
• Voter's ID card
• NREGA job card
• Letter containing name and address issued by National Population register
4. Pan card of Sole Proprietorship
5. Any 2 of the below mentioned documents of Sole Proprietorship:
• Registration certificate
• Certificate/license issued by the municipal authorities under Shop and Establishment Act
• GST or Income tax returns
• GST certificate (provisional/ final)
• Certificate/registration document issued by Professional Tax Authorities
• License/certificate of practice issued in the name of the proprietary concern by any professional body incorporated under a statute
• Complete Income Tax Return (not just the acknowledgement) in the name of the sole proprietor where the firm's income is reflected, duly authenticated/acknowledged by the Income Tax authorities
• Importer-Exporter Code issued by Directorate General of Foreign Trade
• Utility bill, which is not more than two months old, of any service provider (Electricity, water, piped gas, postpaid mobile, telephone bill)

For Registered partnerships:
1. Recent Photograph of all partners
2. VID (Virtual Identification Number)/ Aadhaar Card /Proof of Application for Enrolment of Aadhaar of all partners
3. Pan card of all partners
Or
3. Form 60 of all partners + any 1 of the below mentioned OVDs (Officially valid documents):
• Valid passport
• Valid driving license
• Voter's ID card
• NREGA job card
• Letter containing name and address issued by National Population register
4. Pan card of registered partnership
5. Deed
6. Utility bill, which is not more than two months old, of any service provider (Electricity, water, piped gas, postpaid mobile, telephone bill) of registered partnership
7. Power of attorney granted to attorney holder to transact on its behalf
8. Registration certificate

For unregistered partnerships:
1. Recent Photograph of all partners
2. VID (Virtual Identification Number)/ Aadhaar Card /Proof of Application for Enrolment of Aadhaar of all partners
3. Pan card of all partners
Or
3. Form 60 of all partners + any 1 of the below mentioned OVDs (Officially valid documents):
• Valid passport
• Valid driving license
• Voter's ID card
• NREGA job card
• Letter containing name and address issued by National Population register
4. Pan card of registered partnership
5. Deed
6. Utility bill, which is not more than two months old, of any service provider (Electricity, water, piped gas, postpaid mobile, telephone bill) of registered partnership
7. Power of attorney granted to attorney holder to transact on its behalf

For registered trusts:
1. Recent Photograph of all trustees
2. VID (Virtual Identification Number)/ Aadhaar Card /Proof of Application for Enrolment of Aadhaar of all trustees
3. Pan card of all trustees
Or
3. Form 60 of all trustees + any 1 of the below mentioned OVDs (Officially valid documents):
• Valid passport
• Valid driving license
• Voter's ID card
• NREGA job card
• Letter containing name and address issued by National Population register
4. Pan card of trust
5. Deed
6. Utility bill, which is not more than two months old, of any service provider (Electricity, water, piped gas, postpaid mobile, telephone bill) of trust
7. Power of attorney granted to attorney holder to transact on its behalf
8. Registration certificate

For Unincorporated Association/Body of Individuals/Unregistered Trusts:
1. Recent Photograph of all authorities
2. VID (Virtual Identification Number)/ Aadhaar Card /Proof of Application for Enrolment of Aadhaar of all authorities
3. Pan card of all authorities
Or
3. Form 60 of all authorities + any 1 of the below mentioned OVDs (Officially valid documents):
• Valid passport
• Valid driving license
• Voter's ID card
• NREGA job card
• Letter containing name and address issued by National Population register
4. Pan card of entity
5. Deed
6. Utility bill, which is not more than two months old, of any service provider (Electricity, water, piped gas, postpaid mobile, telephone bill) of trust
7. Power of attorney granted to attorney holder to transact on its behalf
8. Registration certificate
9. Resolution of managing body

For School:
1. Copy of resolution
2. Copy of Memorandum and Articles of Association / Bye-law
3. Certified true copy of registration certificate [in case of society registered under Societies Registration Act, 1860 or any other corresponding law in force in State or a Union Territory]
4. VID (Virtual Identification Number)/ Aadhaar Card /Proof of Application for Enrolment of Aadhaar of all authorities
5. Pan card of all authorities
Or
5. Form 60 of all authorities + any 1 of the below mentioned OVDs (Officially valid documents):
• Valid passport
• Valid driving license
• Voter's ID card
• NREGA job card
• Letter containing name and address issued by National Population register
6. For proof of address of the society, any of the following should be obtained
• Copy of Certificate issued by Registrar of Co-op Societies.
• Bank certificate from existing banker.
• Bank statement of accounts for the preceding 3 months.
• Registration certificate having address issued by the Central / State or any other local government authority

For Companies:
1. Certificate of incorporation/registration and Memorandum & Articles of Association
2. Resolution passed by the Board of Directors authorizing its personnel to enter into transactions/agreements and to open and operate bank accounts on its behalf, their names and specimen signature(s)
3. PAN allotment letter/PAN card of the company
4. Latest telephone/electricity bill or bank account statement and a cancelled cheque
5. An officially valid document (PAN,passport, driving license,Voter’s identity card, Aadhaar Card) identify the directors, employees and persons authorized for such transactions and their addresses.
• Valid passport

For Co-operative banks:
1. Banking License issued by RBI
Or
1. Registration Certificate issued under Society’s Act.
2. Certified “True and Updated” copy of rules & by-laws
Or
2. Memorandum/Articles of Association of the Bank signed by any of its director.
3. Duly signed Board Resolution, along with details of authorised signatories.
4. Copy of PAN Card of the bank
5. KYC of authorized signatories - One recent passport size colour photograph, Aadhaar No./ Proof of application towards enrolment for Aadhaar and PAN/Form 60

Apart from PAN and Aadhaar, the senior citizen should fill his “Current/Correspondence Address” and simply has to tick “No” for “Is Current/Correspondence Address same as Permanent Address?” in page 1 of the FD application form as shown in screenshot below. He need not submit a proof of his correspondence address as the onus/responsibility is on the customer.

Non-Cumulative - Interest will be paid to a customer based on scheme interest payment frequency Monthly option - Last date of each month. The first interest will be paid on the last day of the subsequent month in which the FD is procured. E.g. If the customer has initiated the FD on 25th March and has requested for a monthly interest, the same will be paid on the subsequent month end that is 30th Apr, 31st May and so on.Quarterly Option - June 30, September 30, December 31 and March 31 Half Yearly Option - September 30 and March 31 Annual Option - March 31 Cumulative scheme - The interest will be compounded annually and the maturity amount will be subject to deduction of tax, wherever applicable. Interest will be paid on maturity.

The original FD receipt is couriered to your address updated in our records. In case a duplicate FD receipt is required, please submit a written request duly signed by all the FD account holders at our branch.

FDR tracking system will be made available shortly on our website. In the meanwhile, a virtual copy of the FD certificate is available online on our Customer Portal – Experia, hence the same can be viewed online.

Basis the scheme availed by the customer the interest amount will be credited to the customer’s bank account registered with us. Post interest credit to a customer’s account, communication for the same is sent to the customer via SMS/email.
Refer to your Statement of Account for the details on the interest scheme availed and interest payable details.

The maturity amount will be transferred to the bank account mentioned by the depositor in the application form through National Electronic Fund Transfer/Real Time Gross Settlement modes only. The entire amount shall be transferred on the date of maturity of the deposit. In case of electronic account transfer bounce, the depositor will be intimated through phonecall, email and written letter requesting him to update the bank account details registered with us.

Step 1: Please ensure that you have carefully checked the bank statement of the account which is registered with us. If confirmed that you have not received interest, then proceed to step 2.
Step 2: Please check the interest deposit date mentioned in question 21 above. If confirmed that you are liable to receive interest, but have not received, then proceed to step 3.
Step 3: Please drop a mail to [email protected] mentioning the FDR no and the month/quarter/year for which interest has not been received.

Post 3 months of being on our books, our deposit customers can avail a loan, which will be a maximum of 75% of the deposit amount at a rate which is 2% higher than the rate of interest at which the deposit has been created. Tenor will be the residual maturity of the FD.

You can renew your FD in the following 3 ways:
• By visiting https://mysite.bajajfinservlending.in/FDRenewal.aspx
• By visiting your nearest BFL branch along with your FDR (recommended, but not mandatory) at least 2 days before maturity
• By requesting your RM at least 2 days before maturity

Yes, under Section 194A of the Income Tax Act, 1961, in case of interest earned from investments in fixed deposits across all NBFCs exceeds Rs. 5,000, interest income is taxable. At a PAN Card level for the depositor, his interest income will be arrived at after consolidating all his Fixed Deposits. TDS will be calculated by Bajaj Finance and paid to the government quarterly. In case the depositor provides 15G/15H during the application stage, he will be exempted from paying tax on his interest income. However, if the aggregate amount of interest paid or payable during the financial year exceeds Rs.2,50,000 for non-senior citizens, Rs.3,00,000 for senior citizens and Rs.5,00,000 for super senior citizens (aged 80 years and above), then form 15 G/H will not be valid and tax will be deductible

The lock in period for any FD is 3 months, before which the FD cannot be withdrawn. For premature withdrawal there are penalty slabs as under:
• 0 -3 months - FD cannot be withdrawn (not applicable in death cases)
• 3 -6 months - No interest is payable on the deposit. Only the principal is payable
• >6 months - interest payable is 2% lower than the interest rate applicable for the period for which the deposit has run for. In case of no interest specified for the period run, interest payable will be 3% lower than the lowest rate at which Bajaj Finance accepts deposits.

Yes, the co-applicant merely has to submit a written request, the death certificate and the FDR to your RM/broker. The FD proceeds (post deduction of TDS) will be credited to the bank account registered with us within 8 days of receipt of application

In case of death of the primary applicant with no nominees/joint depositors, the legal heir has to submit the below documents:
• Application for deceased’s claim (mandatory) (click here to download)
• Notarized copy of the death certificate (mandatory)
• Succession Certification/Letter of Administration/Probate of the Will (recommended, but not mandatory)
• Indemnity Bond taken from the legal heir/representative (mandatory) (click here to download)

In both the above scenarios, the below documents are required:
• Proof of death of depositor
• Declaration/Affidavit/Indemnity from the members forming part of the HUF declaring the eldest coparcener as the new Karta of the HUF.
• Fresh Deed of declaration of HUF with List of coparceners signed by Karta and adult coparceners
• Aadhaar & PAN of the new Karta

The deposit can remain with us till maturity. If on the date of renewal, he is still an NRI, then he cannot renew the deposit and it has to be matured. The maturity proceeds should go to his NRO account only. If on the date of renewal, he becomes an Indian citizen again (for whatever reason), then he can renew his deposit.

Yes. The interest on your FD is fully taxable. The income you earn, is added to your total income and taxed at slab rates, applicable to your total income. It is then, shown under ‘Income from Other Sources’ in your Income Tax Return. In addition to Income Tax, banks and companies also deduct TDS on your interest income.

Investing in Fixed Deposits is best for risk-averse investors seeking a stable investment avenue to grow their savings. You can benefit from flexible tenors, and choose periodic payout options. FDs are one of the best low-risk investment options that can help you increase your savings easily. You can get guaranteed returns, without any effect of market fluctuations.

It is important to choose the best FD rate scheme, based on your requirement. You have the options to get your interest at the end of your maturity period, or opt for periodic payout options. In case you’d like to tend to your regular expenses, you can choose the option of periodic payouts, but if you’d like a lump sum amount at the end of your tenor, you can choose to get your interest at the end of your tenor.
When choosing the FD rate schemes, it is also important to make sure your company FD has the highest safety ratings, so that your principal amount is not at risk.

You can choose your tenor, when you invest in Bajaj Finance Fixed Deposits. You can choose a tenor between 12 and 60 months, and in case you choose to get periodic payouts, you can also choose the frequency of your periodic payouts.